Russia, that recently exported 28.4 Billion Cubic Meters of natural gas, is set to strengthen its economy with increasing demand of natural gas from the Asian and European countries.
As per the economic monitoring report of Economic Development Ministry, in January-February this year, Russia exported 28.4 Billion Cubic Meters of gas. This volume is 63% more as compared to the same time period in 2009, as per the news published by SteelGuru
In February 2010, Russia exported 16.7 Billion Cubic Meters outside the Commonwealth Independent States (CIS), including 11.3 Billion Cubic Meters. In the two months, Russia also exported 11.7 Billion Cubic Meters to the CIS nations, comprising 5.5 Billion Cubic Meters in February 2010. There was a 100% year-on-year increase of gas exports; it reached to 16.8 Billion Cubic Meters.
Natural gas export in Russia is mounting due to rising demand from foreign nations. Fortunately, the country is geographically situated among the countries, which are primary energy deficient nations, like, Europe, China, Japan, and USA. In these countries, the demand for petroleum is quite high. Also, the domestic production in these countries is inadequate to live up to their necessities in future. This thereby gives a considerable prospect for natural gas export market in Russia.
Additionally, Russian natural gas export is anticipated to continue to grow in the near future also. The Russian gas industry will be aided by the probable turn down in the production of natural in Europe. This is because the European nations are likely to fulfill their demand for gas by merely importing it from Russia.
According to a market research report named “Russian Oil and Gas Industry Analysis
” by RNCOS
, Russia already possesses a colossal pipeline channel in the Europe. It is planning to expand it’s extend to Asia via China to meet up this escalating demand. As a result, the future Russian oil and natural gas export market appears to be good.
According to a Research Analyst at RNCOS
, “GDP in Russia was badly hit in 2009 by the economic meltdown amid declining international prices of natural gas prices. The international natural gas prices are gaining an optimistic impetus, with equilibrating demand-supply mechanisms of natural gas in the other Asian nations along with CIS. Rising natural gas demand from Asian and European nations will facilitate Russia to boost its export of natural gas which will further help its economy to achieve its strength in 2010.”
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